Japan Foods Holding announced that its 1HFY2020 earnings have dropped by 80.2% to $0.3 million, compared to $1.5 million a year ago, as a result of the negative consequences from the Covid-19 pandemic.

Revenue for the first half of the financial year ended September came in at $18.5 million, 48.7% lower than $36.1 million a year ago, mainly due to the impact arising from Covid-19, as dining-in was ceased for two months in all of the group’s outlets during the circuit breaker period.

Although all of the group’s outlets have resumed operation since Singapore moved into Phase 2, but the group’s revenue did not recover to pre-Covid-19 levels due to lower footfall in shopping malls, especially for those restaurants located in the Central Business District areas. The implementation of social distancing measures, travel restrictions, work-from-home arrangements and the onset of an economic downturn contributed to the drop in revenue.

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